ATMs to be always at your service

During past few years, the usage of ATMs for cash withdrawal has increased many folds, this has become preferred mode of withdrawing cash but on the days of strike or some natural calamity they often turn out of cash which causes a lot of discomfort to the commoners.

The Reserve Bank if India has come up with a solution to this problem. In case of strike or natural calamity banks can borrow money from Reserve Bank of India and can make the ATM operational. Bank can withdraw up to Rs. 10 crore at a time but in case or more requirement the bank can borrow more than once during working hours of the bank.

In order to avail this facility the bank needs to sign an agreement with the designated outsourcing agency and it also has to authorize RBI debit their current account accordingly. Bank will also have to submit a letter to RBI stating requirement of funds to replenish the ATMs.

Mobile Baking application launched by Induslnd Bank

Induslnd Bank, a well known private sector lender has added one more facility to its gamut which can be very useful for its customers in making banking a swift and user-friendly experience. The bank has launched Mobile Banking application, christened as indusMobile.

The customers will be able to carry out various banking operation on their own through their mobile including balance enquiry, mini statement, intra-bank transfers, bill payment.

Head of Consumer banking at Induslnd Bank, Sumant Kathpalla said "IndusMobile is a comprehensive mobile banking platform that enables our customers to manage their banking needs with incredible ease. This new application will serve as a key customer touch point that complements the bank's physical branch network."

Hike in key lending rates of SBBJ

After most of the lenders have increase their lending rates considering the hike of 50 basis points in the policy rates by The Reserve Bank of India last month, Public Sector lender State Bank of Bikaner and Jaipur has also hiked its key lending rates.

The lender has increased its base rates by 50 basis points which now stand at 10.25%, the bank has also increased BPLR by 25 basis points and it now read 15.00%.

The Managing Director of the bank Mr. Shiva Kumar said "Even after this increase, the base rate of SBBJ was amongst the lowest in the public sector. Most of the public sector banks have their base rate already increased to 10.75%, which is 50 bps more that that of SBBJ."

The revised rates are effective from 10^th August.

Hike in lending rates of Union Bank

Most of the banks have already reacted to the hike in the policy rates of the banks by increasing their lending rates; now finally leading public sector lender Union Bank of India has also announced a hike in its lending rates.

The bank has increased its Base rate by 50 basis points and now it stands at 10.75% but the bank has increased the BPLR only by 25 basis points and now it reads 14.50%.